Mr. Ashish Malik reports
BEE VECTORING ANNOUNCES MANAGEMENT, EMPLOYEE AND CONSULTANT EQUITY PARTICIPATION FOR RESTRICTED SHARE UNITS AND OPTIONS
Bee Vectoring Technologies International Inc.'s board of directors has approved a restricted share unit plan and a 20-per-cent fixed stock option plan to grant restricted share units (RSUs) and incentive stock options to directors, officers, key employees and consultants of the company. Pursuant to the RSU plan and the option plan, the company may reserve up to an aggregate of 15,519,854 common shares pursuant to awards granted under the plans.
Pursuant to the new plans, the company has granted 728,059 RSUs and options exercisable for 218,418 common shares to certain directors, officers, key employees and consultants who have agreed to forgo an aggregate of $141,972 of their cash compensation, representing a portion or all their cash compensation for a period of four months (March, 2019, to June, 2019), and as an incentive for individuals to drive the growth of the company. The RSUs and 50 per cent of the options vest only upon U.S. Environmental Protection Agency's (EPA) approval of the company's VECTORITE with CR-7TM (delivered by bees) product. The options, 50 per cent of which vest immediately, are exercisable at 19.5 cents per share until March 22, 2024.
"BVT is in an exciting stage as we are moving to become a commercial enterprise," said Michael Collinson, chairman of Bee Vectoring Technologies. "The team driving the business all believe in the tremendous potential of our technology, as is evident from the fact that all the company's employees and majority of the active consultants of the company have all agreed to forgo a portion of their cash compensation and accept RSUs and options."
In addition, the board of directors has approved the grant of 1.61 million options to certain directors, officers, employees and consultants of the company, which vest in three months and are exercisable at 19.5 cents per share until March 22, 2024.
The company will seek TSX Venture Exchange approval for the new RSU plan and new option plan and shareholder approval at its May 1, 2019, annual and special shareholders meeting. In addition, pursuant to the policies of the TSX Venture Exchange, all RSUs and options granted pursuant to the new plans prior to shareholder approval (including the awards announced herein) shall become effective and exercisable only upon disinterested shareholder approval having been obtained.
About Bee Vectoring Technologies International Inc.
Bee Vectoring Technologies has developed and owns patent-pending bee vectoring technology that is designed to harmlessly utilize bumblebees and honey bees as natural delivery mechanisms for a variety of powdered mixtures comprising organic compounds that inhibit or control common crop diseases, while at the same time enhancing crop vigour and productivity. This unique and proprietary process enables a targeted delivery of crop controls using the simple process of bee pollination to replace traditional crop spraying, resulting in better yields, superior quality, and less impact on the environment without the use of water or disruptions to labour.
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